Charles Schwab
The Charles Schwab Corporation is a global provider of financial services based in the United States. Both retail and institutional clients can take advantage of its banking, commercial banking, investment, and allied services such as consultancy and wealth management advisory services. It has more than 360 branches, most of which are located in financial hubs in the United States and the United Kingdom. With client assets totaling more than US$8.5 trillion, it ranks as the 7th largest banking institution in the country. As of February 7, 2022, it had 29.0 million active brokerage accounts, 2.1 million members in corporate retirement plans, 1.5 million banking accounts, and $8.5 trillion in client assets. Its corporate headquarters are in Westlake, Texas, and it was established in San Francisco, California.
Charles R. Schwab, the business's namesake, established it as Charles Schwab & Co. in 1971. This was the first company to offer discount sales of equity securities by utilizing the financial deregulation of the era. Prior to the 1980s economic development financing the bank's expenditures in technology, automation, and digital record keeping, the bank first opened its flagship location in Sacramento and then moved into Seattle. It was the first to provide 24-hour order entry and quote, and Bank of America bought it in 1983 for $55 million. Three years later, the founder decided to repurchase his business for $280 million due to the success of the bank's free mutual funds.
Pros:
- Three platforms with no minimum or fees.
- Above-average mobile app.
- Extensive research.
- Large fund selection.
- Commission-free stock, options and ETF trades.
Cons:
- Low default cash sweep rate.
Founded: 1971
Revenue: US$18.52 billion (2021)
Website: https://www.schwab.com/
NerdWallet rating: 5.0/5.0
